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On 31 August 2012, the Japan Bank for International Cooperation (JBIC) signed a memorandum of understanding with the State Bank of India (SBI) to develop a framework to support Japanese enterprises through Japanese regional financial institutions.
JBIC will work for a more active collaboration to support the expansion of business operations of mid-tier and small and medium size enterprises in India. As a first step, the SBI will establish a Japan desk, which will exclusively provide services to Japanese firms.
The JBIC reported that the MOU aims at building 'a concrete collaborative framework in order to support the expansion of business operations in India by Japanese SMEs'.
The JBIC is a public financial institution and export credit agency created on 1 October 1999 through the merger of the Japan Export-Import Bank and the Overseas Economic Cooperation Fund.
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